UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-Q





(Mark
One)





x QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934


For the
quarterly period ended September 30, 2009





OR





 ̈ TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934


For the
transition period from __________ to ___________





Commission File Number  333-150483




Noble
Medical Technologies, Inc.


(Name of
registrant as specified in its charter)







Delaware
              20-0587718(State
      or other jurisdiction of
              (I.R.S.
      Employer Identification No.)incorporation
      or organization)




Kifissias
36 Maroussi


Athens,
Greece 151 25


(Address
of principal executive offices)









(003)
0210 684-6943


(Registrant’s
telephone number, including area code)









(Former
      address and telephone number, if changed since last
  report)





Indicate
by check mark whether  the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. YES
x NO  ̈





Indicate
by check mark whether each registrant has submitted electronically and posted on
its corporate Website, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files). YES  ̈ NO  ̈





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See definitions of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act:





Large
      accelerated filer o
            Accelerated
      filer oNon-accelerated
      filer o (Do
      not check if a smaller reporting company)
            Smaller
      reporting company x





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). YES x NO o





Indicate
the number of shares outstanding of each of the issuer’s classes of common
equity, as of the latest practicable date: 4,188,000 shares of common stock, par
value $.0001 per share, as of November 11, 2009.








NOBLE
MEDICAL TECHNOLOGIES, INC.


Table
of Contents


PagePART
      I - FINANCIAL INFORMATIONItem
      1.     Financial StatementsBalance
      Sheets at September 30, 2009 (Unaudited) and December 31,
    2008
                                                F-2Statements
      of Operations for the Three Months Ended September 30, 2009 and September
      30, 2008 (Unaudited)
                                                F-3Statements
      of Operations for the Nine Months Ended September 30, 2009 and September
      30, 2008 (Unaudited)
                                                F-4Statement
      of Stockholders’ Deficit for the period from July 25, 2007 (Inception)
      through September 30, 2009 (Unaudited)
                                                F-5Statements
      of Cash Flows for the Nine Months Ended September 30, 2009 and September
      30, 2008 (Unaudited)
                                                F-6Notes
      to the Financial Statements (Unaudited)
                                                F-7
      to F-12Item
      2.      Management’s Discussion and Analysis of
      Financial Condition and Results of Operations
                                                1Item
      3.      Quantitative and Qualitative Disclosures
      About Market Risk
                                                4Item
      4T.   Controls and Procedures
                                                4PART
      II - OTHER INFORMATIONItem
      1.      Legal Proceedings
                                                5Item
      1A.   Risk Factors
                                                5Item
      2.      Unregistered Sales of Equity Securities
      and Use of Proceeds
                                                5Item
      3.      Defaults upon Senior
      Securities
                                                5Item
      4.      Submission of Matters to a Vote of
      Security Holders
                                                5Item
      5.      Other Information
                                                5Item
      6.      Exhibits
                                                5SIGNATURES
                                                6








PART
I – FINANCIAL INFORMATION





Item
1. Financial Statements





NOBLE
MEDICAL TECHNOLOGIES, INC.





September
30, 2009 and 2008





INDEX
TO FINANCIAL STATEMENTS





Balance
      Sheets at September 30, 2009 (Unaudited) and December 31,
    2008
              
              F-2Statements
      of Operations for the Three Months Ended September 30, 2009 and September
      30, 2008 (Unaudited)
              
              F-3Statements
      of Operations for the Nine Months Ended September 30, 2009 and September
      30, 2008 (Unaudited)
              
              F-4Statement
      of Stockholders’ Deficit for the period from July 25, 2007 (Inception)
      through September 30, 2009 (Unaudited)
              
              F-5Statements
      of Cash Flows for the Nine Months Ended September 30, 2009 and September
      30, 2008 (Unaudited)
              
              F-6Notes
      to the Financial Statements (Unaudited)
              
              F-7
      to F-12


F-1




NOBLE
MEDICAL TECHNOLOGIES, INC.





BALANCE
SHEETS




September 30,
                    2009
                  
                  
                  December 31,2008(Unaudited)ASSETSCURRENT
      ASSETS:Cash
                  
                  $
                  -
                  
                  
                  $
                  371Total
      Current Assets
                  
                  
                  -
                  
                  
                  
                  371Total
      Assets
                  
                  $
                  -
                  
                  
                  $
                  371LIABILITIES
      AND STOCKHOLDERS’ DEFICITCURRENT
      LIABILITIES:Accrued
      expenses
                  
                  $
                  6,000
                  
                  
                  $
                  21,667Total
      Current Liabilities
                  
                  
                  6,000
                  
                  
                  
                  21,667STOCKHOLDERS’
      DEFICIT:Preferred
      stock at $0.0001 par value: 1,000,000 shares authorized, none issued or
      outstanding
                  
                  
                  -
                  
                  
                  
                  -Common
      stock at $0.0001 par value: 20,000,000 shares authorized, 4,188,000 shares
      issued and outstanding
                  
                  
                  419
                  
                  
                  
                  419Additional
      paid-in capital
                  
                  
                  67,877
                  
                  
                  
                  46,581Accumulated
      deficit
                  
                  
                  (74,296
                  )
                  
                  
                  (68,296
                  )Total
      Stockholders’ Deficit
                  
                  
                  (6,000
                  )
                  
                  
                  (21,296
                  )Total
      Liabilities and Stockholders’ Deficit
                  
                  $
                  -
                  
                  
                  $
                  371




See
accompanying notes to the financial statements.


F-2




NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF OPERATIONS


(UNAUDITED)




For the
                      Three
      Months
                    
                    
                    For the
                      Three MonthsEnded
                    
                    
                    EndedSeptember
      30,
                    
                    
                    September
      30,2009
                    
                    
                    2008OPERATING
      EXPENSES:Professional
      fees
                    
                    $
                    2,000
                    
                    
                    $
                    2,000Total
      operating expenses
                    
                    
                    2,000
                    
                    
                    
                    2,000LOSS
      BEFORE TAXES
                    
                    
                    (2,000
                    )
                    
                    
                    (2,000
                    )INCOME
      TAXES
                    
                    
                    -
                    
                    
                    
                    -NET
      LOSS
                    
                    $
                    (2,000
                    )
                    
                    $
                    (2,000
                    )NET
      LOSS PER COMMON SHARE -BASIC
      AND DILUTED:
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.00
                    )Weighted
      Common Shares Outstanding - basic and diluted
                    
                    
                    4,188,000
                    
                    
                    
                    4,188,000




See
accompanying notes to the financial statements.


F-3




NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF OPERATIONS


(UNAUDITED)




For the
                      Nine
      Months
                    
                    
                    For the
                      Nine MonthsEnded
                    
                    
                    EndedSeptember 30,
                      2009
                    
                    
                    September
                      30, 2008OPERATING
      EXPENSES:Professional
      fees
                    
                    $
                    6,000
                    
                    
                    $
                    18,750General
      and administrative expenses
                    
                    
                    -
                    
                    
                    
                    9,972Total
      operating expenses
                    
                    
                    6,000
                    
                    
                    
                    28,722LOSS
      BEFORE TAXES
                    
                    
                    (6,000
                    )
                    
                    
                    (28,722)INCOME
      TAXES
                    
                    
                    -
                    
                    
                    
                    -NET
      LOSS
                    
                    $
                    (6,000
                    )
                    
                    $
                    (28,722)NET
      LOSS PER COMMON SHARE -BASIC
      AND DILUTED:
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.01)Weighted
      Common Shares Outstanding - basic and diluted
                    
                    
                    4,188,000
                    
                    
                    
                    4,146,321




See
accompanying notes to the financial statements.


F-4




NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENT
OF STOCKHOLDERS’ DEFICIT


For the
Period from July 25, 2007 (Inception) through September 30, 2009


(UNAUDITED)




Common Stock, $0.0001 Par
                    Value
                  
                  
                  Additional
                  
                  
                  
                  
                  
                  TotalNumber
      of
                  
                  
                  
                  
                  
                  Paid-in
                  
                  
                  Accumulated
                  
                  
                  Stockholders’Shares
                  
                  
                  Amount
                  
                  
                  Capital
                  
                  
                  Deficit
                  
                  
                  DeficitBalance,
      July 25, 2007
                  
                  
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -Issuance
      of common stock to  founders
                  
                  
                  4,000,000
                  
                  
                  
                  400
                  
                  
                  
                  (400
                  )
                  
                  
                  
                  
                  
                  
                  -Issuance
      of common stock for cash July through December 2007 at $0.25 per
      share
                  
                  
                  8,000
                  
                  
                  
                  1
                  
                  
                  
                  1,999
                  
                  
                  
                  
                  
                  
                  
                  2,000Net
      loss
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (28,107
                  )
                  
                  
                  (28,107
                  )Balance,
      December 31, 2007
                  
                  
                  4,008,000
                  
                  
                  
                  401
                  
                  
                  
                  1,599
                  
                  
                  
                  (28,107
                  )
                  
                  
                  (26,107
                  )Issuance
      of common stock for cash January through April 17, 2008 at $0.25 per
      share
                  
                  
                  180,000
                  
                  
                  
                  18
                  
                  
                  
                  44,982
                  
                  
                  
                  
                  
                  
                  
                  45,000Net
      loss
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (40,189
                  )
                  
                  
                  (40,189
                  )Balance,
      December 31, 2008
                  
                  
                  4,188,000
                  
                  
                  
                  419
                  
                  
                  
                  46,581
                  
                  
                  
                  (68,296
                  )
                  
                  
                  (21,296
                  )Capital
      contribution
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  21,296
                  
                  
                  
                  
                  
                  
                  
                  21,296Net
      loss
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (6,000
                  )
                  
                  
                  (6,000
                  )Balance,
      September 30, 2009
                  
                  
                  4,188,000
                  
                  
                  $
                  419
                  
                  
                  $
                  67,877
                  
                  
                  $
                  (74,296
                  )
                  
                  $
                  (6,000
                  )




See
accompanying notes to the financial statements.


F-5




NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF CASH FLOWS


(UNAUDITED)




For the
                            Nine Months
                          
                          
                          For the
                            Nine MonthsEnded
                          
                          
                          EndedSeptember 30,
                            2009
                          
                          
                          September
                            30, 2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                          
                          $
                          (6,000
                          )
                          
                          $
                          (29,522
                          )Adjustments
      to reconcile net loss to net cashused
      in operating activitiesChanges
      in operating assets and liabilities:Accrued
      expenses
                          
                          
                          (15,667
                          )
                          
                          
                          (17,200
                          )NET
      CASH USED INOPERATING
      ACTIVITIES
                          
                          
                          (21,667
                          )
                          
                          
                          (46,722
                          )CASH
      FLOWS FROM FINANCING ACTIVITIES:Capital
      contribution
                          
                          
                          21,296
                          
                          
                          
                          -Sale
      of common stock
                          
                          
                          -
                          
                          
                          
                          45,000NET
      CASH PROVIDED BY FINANCING ACTIVITIES
                          
                          
                          21,296
                          
                          
                          
                          45,000NET
      CHANGE IN CASH
                          
                          
                          (371
                          )
                          
                          
                          (1,722)Cash
      at beginning of period
                          
                          
                          371
                          
                          
                          
                          2,093Cash
      at end of period
                          
                          $
                          -
                          
                          
                          $
                          371SUPPLEMENTAL
      DISCLOSURE OFCASH
      FLOW INFORMATION:Interest
      paid
                          
                          $
                          -
                          
                          
                          $
                          -Taxes
      paid
                          
                          $
                          -
                          
                          
                          $
                          800




See
accompanying notes to the financial statements.


F-6





NOBLE
MEDICAL TECHNOLOGIES, INC.




September
30, 2009 and 2008


Notes to
the Financial Statements


(Unaudited)





NOTE
1 - ORGANIZATION AND OPERATIONS





Noble
Medical Technologies, Inc. (the “Company”) was incorporated on July 25, 2007
under the laws of the State of Delaware.  A substantial portion of the
Company’s activities has involved developing a business plan and establishing
contacts and visibility in the marketplace.  Due to the recent
economic downturn, the Company was unable to receive sufficient funds to
commence operations and the Company has not generated any revenue to date.
Therefore, the Company abandoned its plan to engage in developing and marketing
enhancements to electrocardiogram (“EKG”) equipment and is currently inactive
and is seeking a suitable candidate for a business combination.





Recent
Developments





On May 5,
2009, the Company, GoldSail Shipping Corporation, a Marshall Islands corporation
(“GoldSail”) and Noble Merger Corp., a Delaware corporation and a wholly-owned
subsidiary of GoldSail (“Merger Sub”), entered into an Agreement and Plan of
Merger (the “Merger Agreement”), pursuant to which the Company will merge with
and into Merger Sub, with Merger Sub to be the surviving corporation (the
“Surviving Corporation”) through an exchange of all the issued and outstanding
shares of common stock of the Company for shares of the common stock of GoldSail
(the “Merger”).




Pursuant
to the terms and conditions of the Merger Agreement, at the effective time of
the Merger, (i) each share of Company common stock, $0.0001 par value per share,
issued and outstanding immediately prior to the effective time of the merger
will be converted automatically into, and become exchangeable for, 0.048069
shares of common stock of GoldSail, $0.0001 par value per share (or an aggregate
of 201,316 shares of GoldSail common stock), subject to certain equitable
adjustments as specified in the Merger Agreement (the “Merger Consideration”),
and (ii) the shareholders of the Company will become the shareholders of
GoldSail. Furthermore, following the effective time, holders of the Company
common stock will cease to be, and will have no rights as the Company’s
shareholders, other than (A) in the case of shares other than shares held by
shareholders who asserted appraisal rights in connection with the Merger, the
rights to receive the Merger Consideration, and (B) shareholders who will assert
appraisal rights in connection with the Merger.





The
obligations of each of the Company and GoldSail to consummate the Merger are
subject to certain closing conditions, including: (i) the Merger Agreement and
the transactions contemplated thereby shall have been approved by the Company’s
shareholders, (ii) GoldSail shall have raised an aggregate of at least
$50,000,000 in gross proceeds in a private placement transaction, (iii) that the
representations and warranties of the other party contained in the Merger
Agreement are true and correct in all material respects, (iv) that the other
parties shall have performed or complied in all material respects with all
agreements and covenants under the Merger Agreement, (v) the absence of any
order that would (A) prevent the consummation of any of the transactions
contemplated by the Merger Agreement, (B) cause any of the transactions
contemplated by the Merger Agreement to be rescinded following the consummation
of the Merger, and (C) affect the right of GoldSail to own, operate or control
any of the assets and operations of the Surviving Corporation or adversely
affect the title of the shares of GoldSail common stock to be issued, (vi) the
receipt of all necessary consents, waivers or approvals by the other parties,
(vii) none of the Company’s shareholders having asserted any appraisal rights in
connection with the Merger, and (viii) the proxy statement/Registration
Statement on Form F-4 having been declared effective by the SEC. As of September
30, 2009, the merger has not been consummated.





George
Elliott, the beneficial owner of 95% of the capital stock of Noble and its Chief
Executive Officer, President, Secretary and Noble’s sole director is also the
beneficial owner of 100% of the voting capital stock of GoldSail and he serves
as its Chairman and Chief Executive Officer.





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





Basis of
presentation





The
accompanying unaudited interim financial statements and related notes have been
prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) for interim financial information, and
with the rules and regulations of the United States Securities and Exchange
Commission (“SEC”) to Form 10-Q and Article 10 of Regulation
S-X.  Accordingly, they do not include all of the information and
footnotes required by U.S. GAAP for complete financial statements.  The
unaudited interim financial statements furnished reflect all adjustments
(consisting of normal recurring accruals) which are, in the opinion of
management, necessary to a fair statement of the results for the interim periods
presented.  Interim results are not necessarily indicative of the
results for the full year.  These financial statements should be read
in conjunction with the financial statements of the Company for the year
ended December 31, 2008 and notes thereto contained in the Company’s Annual
Report Form 10-K as filed with the SEC on February 3, 2009.


F-7




Reclassification





Certain
amounts in the prior period financial statements have been reclassified to
conform to the current period presentation.  These reclassifications
had no effect on reported losses.





Use of
estimates





The
preparation of financial statements in conformity with U.S. GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.  Actual results could differ
from those estimates.





Due to
the limited level of operations, the Company has not had to make material
assumptions or estimates other than the assumption that the Company is a going
concern.





Cash
equivalents





The
Company considers all highly liquid investments with a maturity of three months
or less when purchased to be cash equivalents.





Fair value of financial
instruments





The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards
Codification for disclosures about fair value of its financial instruments and
has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification
(“Paragraph 820-10-35-37”) to measure the fair value of its financial
instruments.  Paragraph 820-10-35-37 establishes a framework for
measuring fair value in generally accepted accounting principles (GAAP), and
expands disclosures about fair value measurements. To increase consistency and
comparability in fair value measurements and related disclosures, Paragraph
820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three (3) broad
levels.  The fair value hierarchy gives the highest priority to quoted
prices (unadjusted) in active markets for identical assets or liabilities and
the lowest priority to unobservable inputs.  The three (3) levels of
fair value hierarchy defined by Paragraph 820-10-35-37 are described
below:




Level
      1
              
              Quoted
      market prices available in active markets for identical assets or
      liabilities as of the reporting date.Level
      2
              
              Pricing
      inputs other than quoted prices in active markets included in Level 1,
      which are either directly or indirectly observable as of the reporting
      date.Level
      3
              
              Pricing
      inputs that are generally observable inputs and not corroborated by market
      data.





The
carrying amounts of the Company’s financial assets and liabilities, such as cash
and accrued expenses, approximate their fair values because of the short
maturity of these instruments.




The
Company does not have any assets or liabilities measured at fair value on a
recurring or a non-recurring basis, consequently, the Company did not have any
fair value adjustments for assets and liabilities measured at fair value at
September 30, 2009 or 2008, nor gains or losses are reported in the statement of
operations that are attributable to the change in unrealized gains or losses
relating to those assets and liabilities still held at the reporting date for
the interim period ended September 30, 2009 or 2008.


F-8




Revenue
recognition





The
Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards
Codification for revenue recognition.  The Company will record revenue
when persuasive evidence of an arrangement exists, product delivery has occurred
and the title and risk of loss transfer to the buyer, the sales price to the
customer is fixed or determinable, and collectability is reasonably
assured.





Income
taxes





The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting
Standards Codification.  Deferred income tax assets and liabilities
are determined based upon differences between the financial reporting and tax
bases of assets and liabilities and are measured using the enacted tax rates and
laws that will be in effect when the differences are expected to
reverse.  Deferred tax assets are reduced by a valuation allowance to
the extent management concludes it is more likely than not that the assets will
not be realized.  Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered or settled. The
effect on deferred tax assets and liabilities of a change in tax rates is
recognized in the statements of operations in the period that includes the
enactment date.





The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification
(“Section 740-10-25”). Section 740-10-25 addresses the determination of whether
tax benefits claimed or expected to be claimed on a tax return should be
recorded in the financial statements.  Under Section 740-10-25, the
Company may recognize the tax benefit from an uncertain tax position only if it
is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the
position.  The tax benefits recognized in the financial statements
from such a position should be measured based on the largest benefit that has a
greater than fifty percent (50%) likelihood of being realized upon ultimate
settlement.  Section 740-10-25 also provides guidance on
de-recognition, classification, interest and penalties on income taxes,
accounting in interim periods and requires increased disclosures.  The
Company had no material adjustments to its liabilities for unrecognized income
tax benefits according to the provisions of Section 740-10-25.





Net loss per common
share





Net loss
per common share is computed pursuant to section 260-10-45 of the FASB
Accounting Standards Codification.  Basic net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock outstanding during the period. Diluted net loss per share is computed by
dividing net loss by the weighted average number of shares of common stock and
potentially dilutive outstanding shares of common stock during each period.
There were no potentially dilutive shares outstanding as of September 30, 2009
or 2008.





Recently issued accounting
pronouncements





In June
2003, the Securities and Exchange Commission (“SEC”) adopted final rules under
Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”), as amended by SEC
Release No. 33-9072 on October 19, 2009.  Commencing with its annual
report for the year ending December 31, 2010, the Company will be required to
include a report of management on its internal control over financial reporting.
The internal control report must include a statement


F-9





·
            of management’s responsibility
      for establishing and maintaining adequate internal control over its
      financial reporting;





·
            of management’s assessment of the
      effectiveness of its internal control over financial reporting as of year
      end; and





·
            of the framework used by
      management to evaluate the effectiveness of the Company’s internal control
      over financial reporting.




Furthermore,
it will also be required to file the auditor’s attestation report separately on
the Company’s internal control over financial reporting on whether it believes
that the Company has maintained, in all material respects, effective internal
control over financial reporting.




In
June 2009, the FASB approved the “FASB Accounting Standards Codification”
(the “Codification”) as the single source of authoritative nongovernmental U.S.
GAAP to be launched on July 1, 2009.  The Codification does not
change current U.S. GAAP, but is intended to simplify user access to all
authoritative U.S. GAAP by providing all the authoritative literature related to
a particular topic in one place.  All existing accounting standard
documents will be superseded and all other accounting literature not included in
the Codification will be considered non-authoritative. The Codification is
effective for interim and annual periods ending after September 15,
2009.




In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-04 “Accounting for Redeemable Equity Instruments - Amendment to Section
480-10-S99” which represents an update to section 480-10-S99, distinguishing
liabilities from equity, per EITF Topic D-98, Classification and Measurement of
Redeemable Securities.  The Company does not expect the adoption of
this update to have a material impact on its consolidated financial position,
results of operations or cash flows.




In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-05 “Fair Value Measurement and Disclosures Topic 820 – Measuring
Liabilities at Fair Value”, which provides amendments to subtopic 820-10, Fair
Value Measurements and Disclosures – Overall, for the fair value measurement of
liabilities.  This update provides clarification that in circumstances
in which a quoted price in an active market for the identical liability is not
available, a reporting entity is required to measure fair value using one or
more of the following techniques: (1). A valuation technique that uses: a). The
quoted price of the identical liability when traded as an asset, b). Quoted
prices for similar liabilities or similar liabilities when traded as asset; or
(2). Another valuation technique that is consistent with the principles of topic
820; two examples would be an income approach, such as a present value
technique, or a market approach, such as a technique that is based on the amount
at the measurement date that the reporting entity would pay to transfer the
identical liability or would receive to enter into the identical liability. The
amendments in this update also clarify that when estimating the fair value of a
liability, a reporting entity is not required to include a separate input or
adjustment to other inputs relating to the existence of a restriction that
prevents the transfer of the liability. The amendments in this update also
clarify that both a quoted price in an active market for the identical liability
when traded as an asset in an active market when no adjustments to the quoted
price of the asset are required are Level 1 fair value
measurements.  The Company does not expect the adoption of this update
to have a material impact on its consolidated financial position, results of
operations or cash flows.




In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-08 “Earnings Per Share – Amendments to Section 260-10-S99”,which represents
technical corrections to topic 260-10-S99, Earnings per share, based on EITF
Topic D-53, Computation of Earnings Per Share for a Period that includes a
Redemption or an Induced Conversion of a Portion of a Class of Preferred Stock
and EITF Topic D-42, The Effect of the Calculation of Earnings per Share for the
Redemption or Induced Conversion of Preferred Stock. The Company does not expect
the adoption of this update to have a material impact on its consolidated
financial position, results of operations or cash flows.




In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-09 “Accounting for Investments -Equity Method and Joint Ventures and
Accounting for Equity-Based Payments to Non-Employees”.  This update
represents a correction to Section 323-10-S99-4, Accounting by an Investor for
Stock-Based Compensation Granted to Employees of an Equity Method Investee.
Additionally, it adds observer comment Accounting Recognition for Certain
Transactions Involving Equity Instruments Granted to Other Than Employees to the
Codification. The Company does not expect the adoption to have a material impact
on its consolidated financial position, results of operations or cash
flows.


F-10


In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-12 “Fair Value Measurements and Disclosures Topic 820 – Investment in
Certain Entities That Calculate Net Assets Value Per Share (or Its Equivalent)”,
which provides amendments to Subtopic 820-10, Fair Value Measurements and
Disclosures-Overall, for the fair value measurement of investments in certain
entities that calculate net asset value per share (or its equivalent). The
amendments in this update permit, as a practical expedient, a reporting entity
to measure the fair value of an investment that is within the scope of the
amendments in this update on the basis of the net asset value per share of the
investment (or its equivalent) if the net asset value of the investment (or its
equivalent) is calculated in a manner consistent with the measurement principles
of Topic 946 as of the reporting entity’s measurement date, including
measurement of all or substantially all of the underlying investments of the
investee in accordance with Topic 820. The amendments in this update also
require disclosures by major category of investment about the attributes of
investments within the scope of the amendments in this update, such as the
nature of any restrictions on the investor’s ability to redeem its investments a
the measurement date, any unfunded commitments (for example, a contractual
commitment by the investor to invest a specified amount of additional capital at
a future date to fund investments that will be make by the investee), and the
investment strategies of the investees. The major category of investment is
required to be determined on the basis of the nature and risks of the investment
in a manner consistent with the guidance for major security types in U.S. GAAP
on investments in debt and equity securities in paragraph 320-10-50-1B. The
disclosures are required for all investments within the scope of the amendments
in this update regardless of whether the fair value of the investment is
measured using the practical expedient. The Company does not expect the adoption
to have a material impact on its consolidated financial position, results of
operations or cash flows.




Management
does not believe that any other recently issued, but not yet effective
accounting pronouncements, if adopted, would have a material effect on the
accompanying financial statements.




NOTE
3 – GOING CONCERN





As
reflected in the accompanying financial statements, the Company had an
accumulated deficit of $74,296 at September 30, 2009.





The
Company’s cash position may not be sufficient enough to support the Company’s
daily operations.  The Company’s development activities since
inception have been financially sustained through equity financing. The ability
of the Company to continue as a going concern is dependent upon its ability to
find a suitable acquisition or merger candidate, raise additional capital from
the sale of stock, receive additional paid in capital and ultimately, the
achievement of significant positive results.  The ability of the
Company to continue as a going concern is dependent upon the Company’s ability
to further implement its business plan and generate revenues.  The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.


F-11





NOTE
4 – STOCKHOLDERS’ DEFICIT





Common
stock





The
Company was incorporated on July 25, 2007, at which time 4,000,000 shares of
common stock were issued to the Company’s founders.  No value was given to
the shares issued by the newly formed corporation. Therefore, the shares
were recorded to reflect the $.0001 par value and paid in capital was recorded
as a negative amount ($400). In other words, no net value was assigned to
these shares.





For the
period from July 25, 2007 through April 17, 2008, the Company sold 188,000
shares of its common stock in a private placement at $0.25 per share for an
aggregate purchase price of $47,000.





Additional paid-in
capital





Net
accrued expenses of $21,296, as of February 6, 2009, were assumed by certain
stockholders of the Company and have been reclassified to additional paid-in
capital.





NOTE
5 – RELATED PARTY TRANSACTIONS





Office
space





The
Company had been provided office space by a former shareholder until May 5, 2009
at no cost. The Company has been provided office space by its majority
shareholder since May 5, 2009 at no cost. The management determined that such
cost is nominal and did not recognize rent expense in its financial
statements.





Agreement and Plan
Merger





On May 5,
2009, the Company, GoldSail and Merger Sub entered into a Merger Agreement,
pursuant to which the Company will merge with and into Merger Sub, with Merger
Sub to be the Surviving Corporation through an exchange of all the issued and
outstanding shares of capital stock of the Company for shares of common stock of
GoldSail. See Note 1 to the Notes to Financial Statements for further
information regarding the Merger.





George
Elliott, the beneficial owner of 95% of the capital stock of the Company and its
Chief Executive Officer, President, Secretary and the Company’s sole director is
also the beneficial owner of 100% of the voting capital stock of GoldSail and he
serves as its Chairman and Chief Executive Officer.





NOTE
6 – SUBSEQUENT EVENTS




The
Company has evaluated all events that occurred after the balance sheet date
through November 11, 2009, the date when the financial statements were issued to
determine if they must be reported.  The Management of the Company
determined that there were no reportable subsequent events to be
disclosed.


F-12




Item
2 – Management’s Discussion and Analysis of Financial Condition and Results of
Operations




Forward-Looking
Statements




Certain
statements made in this Report on Form 10-Q are “forward-looking statements”
(within the meaning of the Private Securities Litigation Reform Act of 1995)
regarding the plans and objectives of management for future operations. Such
statements involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. The forward-looking statements
included herein are based on current expectations that involve numerous risks
and uncertainties. Our plans and objectives are based, in part, on assumptions
involving judgments with respect to, among other things, future economic,
competitive and market conditions, technological developments, and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond our control.





Although
we believe that our assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and, therefore, there
can be no assurance that the forward-looking statements included in this
prospectus will prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein particularly in view
of the current state of our operations, the inclusion of such information should
not be regarded as a statement by us or any other person that our objectives and
plans will be achieved.  Except as required by applicable law and
regulations, we undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise.
Further disclosures that we make on related subjects in our additional filings
with the Securities and Exchange Commission should be consulted. For further
information regarding the risks and uncertainties that may affect our future
results, please review the information set forth in our annual Report on Form
10-K for the year ended December 31, 2008 under the section entitled “Risk
Factors.”





References
to “Company”, “we” or “us” refer to Noble Medical Technologies, Inc., unless the
context requires otherwise.





Overview





Description
of Business





We were
organized to engage in developing and marketing enhancements to
electrocardiogram (“EKG”) equipment that would be directed towards medical
technicians at hospitals and other locations. Due to the recent economic
downturn, we ware unable to receive sufficient funds to commence operations and
we have not realized any revenues from operations since our inception on July
25, 2007. Therefore, we abandoned our plan to engage in developing and marketing
EKG equipment.





Merger





On May 5,
2009, we entered into an Agreement and Plan of Merger (the “Merger Agreement”)
with GoldSail Shipping Corporation, a Marshall Islands corporation (“ GoldSail
”) and Noble Merger Corp., a Delaware corporation and a wholly-owned subsidiary
of GoldSail (“Merger Sub”), pursuant to which we will merge with and into Merger
Sub, with Merger Sub to be the surviving corporation (the “Surviving
Corporation”) through an exchange of all of our the issued and outstanding
shares of capital stock for shares of common stock of GoldSail (the “Merger”).
As of September 30, 2009, the merger had not been consummated.




Pursuant
to the terms and conditions of the Merger Agreement, at the effective time of
the Merger, (i) each share of our common stock, $0.0001 par value per share,
issued and outstanding immediately prior to the effective time of the merger
will be converted automatically into, and become exchangeable for, 0.048069
shares of common stock of GoldSail, $0.0001 par value per share (or an aggregate
of 201,316 shares of GoldSail common stock), subject to certain equitable
adjustments as specified in the Merger Agreement (the “Merger Consideration”),
and (ii) the shareholders of the Company will become the shareholders of
GoldSail. Furthermore, following the effective time, holders of our common stock
will cease to be, and will have no rights as our shareholders, other than (A) in
the case of shares other than shares held by our shareholders who asserted
appraisal rights in connection with the Merger, the rights to receive the Merger
Consideration, and (B) shareholders who will assert appraisal rights in
connection with the Merger, the rights afforded to such holders under Section
262 of the General Corporation Law of the State of Delaware.




Each of
the Company, GoldSail and the Merger Sub has agreed, prior to closing and except
to the extent that the other parties shall otherwise consent in writing, to
continue carry on its business in the usual, regular and ordinary course
consistent with past practices and in compliance with all applicable laws and
regulations, pay its debts and taxes, pay or perform other material obligations
when due and use its commercially reasonable efforts consistent with past
practices and policies to preserve substantially intact its present business
organization.


1




Additionally,
the parties will cooperate, prepare and file (i) a proxy statement/Registration
Statement on Form F-4, seeking the Company’s shareholders’ approval for the
Merger and registering with the SEC the shares of GoldSail common stock to be
issued to the Company’s shareholders, and (ii) any other filings required under
the Exchange Act, the Securities Act or any other Federal, foreign or Blue Sky
laws relating to the Merger and the transactions contemplated by the Merger
Agreement.




The
obligations of each of  the Company and GoldSail to consummate the
Merger are subject to certain closing conditions, including: (i) the Merger
Agreement and the transactions contemplated thereby shall have been approved by
the Company’s shareholders, (ii) GoldSail shall have raised an aggregate of at
least $50,000,000 in gross proceeds in a private placement transaction, (iii)
that the representations and warranties of the other party contained in the
Merger Agreement are true and correct in all material respects, (iv) that the
other parties shall have performed or complied in all material respects with all
agreements and covenants under the Merger Agreement, (v) the absence of any
order that would (A) prevent the consummation of any of the transactions
contemplated by the Merger Agreement, (B) cause any of the transactions
contemplated by the Merger Agreement to be rescinded following the consummation
of the Merger, and (C) affect the right of GoldSail to own, operate or control
any of the assets and operations of the Surviving Corporation or adversely
affect the title of the shares of GoldSail common stock to be issued, (vi) the
receipt of all necessary consents, waivers or approvals by the other parties,
(vii) none of our shareholders having asserted any appraisal rights in
connection with the Merger, and (viii) the proxy statement/Registration
Statement on Form F-4 having been declared effective by the SEC.




The
Merger Agreement may be terminated at any time prior to the closing, as follows:
(i) by mutual written agreement of the Company and GoldSail, (ii) by either the
Company or GoldSail, if a governmental entity issued an order, decree or ruling
or taken any other action, having the effect of permanently prohibiting the
Merger, (iii) by either the Company or GoldSail if the Merger has not been
consummated by November 5, 2009, provided, however, that the right to terminate
the Merger Agreement shall not be available to any party whose failure to
fulfill any obligation under the Merger Agreement has been the cause of, or
resulted in, the failure of the closing to occur on or prior to such date, (iv)
by GoldSail, upon a material breach of any representation, warranty, covenant or
agreement on the part of the Company, or if any representation or warranty of
the Company has become untrue, in either case such that the conditions to the
Merger would not be satisfied (subject to cure provisions), or (v) by the
Company, upon a material breach of any representation, warranty, covenant or
agreement on the part of GoldSail or the Surviving Corporation, or if any
representation or warranty of GoldSail has become untrue, in either case such
that the conditions to the Merger would not be satisfied (subject to cure
provisions).





George
Elliott, the beneficial owner of 95% of the capital stock of Noble and its Chief
Executive Officer, President, Secretary and Noble’s sole director is also the
beneficial owner of 100% of the voting capital stock of GoldSail and he serves
as its Chairman and Chief Executive Officer.




Results
of Operations





The
Company has not conducted any active operations since its inception. No revenues
have been generated by the Company for the period from July 25, 2007 (inception)
through September 30, 2009. It is unlikely the Company will have any revenues
unless it is able to effect an acquisition or merger with an operating company,
of which there can be no assurance.





A Blank Check
Company





At
present, the Company has no sources of revenue and we are an inactive company.
The Company’s business plan is to seek a business combination. As a result, the
Company is a “blank check” or “shell” company. Many states have enacted
statutes, rules and regulations limiting the sale of securities of shell
companies in their respective jurisdictions. Management does not intend to
undertake any efforts to cause a market to develop in the Company’s securities
or undertake any offering of the Company’s securities, either debt or equity,
until such time as the Company has successfully implemented its business plan
and closed on a suitable business combination.




The
Company’s common stock is a “penny stock,” as defined in Rule 3a51-1 under the
Exchange Act. The penny stock rules require a broker-dealer, prior to a
transaction in penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document that provides information about penny
stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer
quotations for the penny stock, the compensation of the broker-dealer and its
sales person in the transaction, and monthly account statements showing the
market value of each penny stock held in the customer’s account. In addition,
the penny stock rules require that the broker-dealer, not otherwise exempt from
such rules, must make a special written determination that the penny stock is
suitable for the purchaser and receive the purchaser’s written agreement to the
transaction. These disclosure rules have the effect of reducing the level of
trading activity in the secondary market for a stock that becomes subject to the
penny stock rules. So long as the common stock of the Company is subject to
the penny stock rules, it may be more difficult to sell the Company’s common
stock.


2





Going
Concern





Our
financial statements have been prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. We have a history of losses that are likely to
continue in the future. Our independent registered public accounting firm has
included an explanatory paregraph in their report in our audited financial
statements for the year ended December 31, 2008 to the effect that our losses
from operations and our negative cash flows from operations raise substantial
doubt about our ability to continue as a going concern. Our financial statements
do not include any adjustments that might be necessary should we be unable to
continue as a going concern. We may be required to cease operations which could
result in our shareholders losing almost all of their
investment.




Liquidity
and Capital Resources




As of
September 30, 2009, we had no cash on hand.  Our limited resources
will affect the extent of our activities in the future unless we are successful
in realizing financing.




Off
Balance Sheet Arrangements




At
September 30, 2009, we do not have any off balance sheet
arrangements.


3





Item
3. Quantitative and Qualitative Disclosures About Market Risk




The
information called for by this item is not required as we are a smaller
reporting company.




Item
4T. Controls and Procedures




Our Chief
Executive Officer and Chief Financial Officer performed an evaluation of the
effectiveness of our disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this
Quarterly Report on Form 10-Q. Disclosure controls and procedures include,
without limitation, controls and procedures designed  to ensure that
information required to be disclosed by us in the reports that we file or submit
under the Exchange Act is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange Commission’s rules and
forms, and is accumulated and communicated to our management, including our
principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required
disclosure. Based on that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that, as of September 30, 2009, our disclosure
controls and procedures were ineffective at the reasonable assurance level due
to the two material weaknesses described below:





(i) We do
not have written documentation of our internal control policies and
procedures.  Written documentation of key internal controls over
financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act
which is applicable to us for the year ending December 31,
2008.  Management evaluated the impact of our failure to have written
documentation of our internal controls and procedures on our assessment of our
disclosure controls and procedures and has concluded that the control deficiency
that resulted represented a material weakness.





(ii) We
do not have sufficient segregation of duties within accounting functions, which
is a basic internal control.  Due to our size and nature, segregation of
all conflicting duties may not always be possible and may not be economically
feasible.  However, to the extent possible, the initiation of transactions,
the custody of assets and the recording of transactions should be performed by
separate individuals.  Management evaluated the impact of our failure to
have segregation of duties on our assessment of our disclosure controls and
procedures, and concluded that the control deficiency that resulted represented
a material weakness.





It should
be noted that any system of controls, however well designed and operated, can
provide only reasonable and not absolute assurance that the objectives of the
system are met. In addition, the design of any control system is based in part
upon certain assumptions about the likelihood of certain events. Because of
these and other inherent limitations of control systems, there can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions, regardless of how remote.





Changes in Internal Control over
Financial Reporting




There
were no changes in the Company’s internal control over financial reporting that
occurred during the third fiscal quarter of 2009 that have materially affected,
or are reasonably likely to materially affect, the Company’s internal control
over financial reporting as such term is defined in Rule 13a-15 and 15d-15 of
the Exchange Act.


4





PART
II – OTHER INFORMATION





Item
1 – Legal Proceedings





The
Company is not currently party to any material legal proceedings.





Item
1A. – Risk Factors





In
addition to the other information set forth in this Quarterly Report on Form
10-Q, you should carefully consider the factors discussed in Part I, Item 1A
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2008, which could materially affect our business, financial
condition or future results. The risks described in our Annual Report on Form
10-K are not the only risks that we face. Additional risks and uncertainties not
currently known to us or that we currently deem to be immaterial also may
materially adversely affect our business, financial condition and/or operating
results as well as adversely affect the value of an investment in our common
stock.





There
have been no material updates to the risk factors previously disclosed in our
Form 10-K for the year ended December 31, 2008.





Item
2 – Unregistered Sales of Equity Securities and Use of Proceeds




None.




Item
3 – Defaults Upon Senior Securities




None.




Item
4 – Submission of Matters to a Vote of Security Holders




None.




Item
5 – Other Information




None.




Item
6 – Exhibits




Exhibits:




31.1*
            
            Certification
      of Noble Medical Technologies, Inc. Chief Executive Officer pursuant to
      Section 302 of the Sarbanes- Oxley Act of 2002.31.2*
            
            Certification
      of Noble Medical Technologies, Inc. Chief Financial Officer pursuant to
      Section 302 of the Sarbanes- Oxley Act of 2002.32‡
            
            Certifications
      of Noble Medical Technologies, Inc. Chief Executive Officer and Chief
      Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
      of 2002.





* Filed
herewith.


‡
Furnished herewith


5




SIGNATURES




Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.




NOBLE
      MEDICAL TECHNOLOGIES, INC.
              (Registrant)Date:           November
      16, 2009
            By:
            /s/ George ElliottGeorge
      ElliottChief
      Executive Officer
              (Authorized
      Officer and Principal Executive Officer)Date:         November
      16, 2009
            By:
            /s/ Charles BentzCharles
      BentzChief
      Financial Officer
              (Authorized
      Officer and Principal Financial
Officer)


6